KUALA LUMPUR: LBS Bina Group Bhd expects to complete and hand over eight projects in the second half of 2023, which it said will spur profitability and boost its cash position.
Furthermore, the property developer said projects totalling RM1.64bil in gross development value will be launched later this year in addition to the RM1.45bil already launched so far in 2023.
"The take-up rate for our properties have been encouraging, especially in the Klang Valley region, showing that we are developing in the right locations and pricing our developments in accordance with our target demographic," said LBS executive chairman Tan Sri Lim Hock San.
As at Aug 15, 2023, LBS has secured total property sales of RM1.09bil with bookings in the pipeline of RM373mil.
It said its land bank for future development as at July 31, 2023, was 2,916 acres and unbilled sales stood at about RM2.5bil, which provided earnings visibility for the next two to three years.
Announcing its results for the second quarter ended June 30, 2023, LBS said net profit came to RM33.01mil, which was below RM35.13mil in the same quarter in 2022.
The group's earnings per share was 2.14 sen compared to 2.25 sen in the comparative quarter.
Revenue meanwhile was RM375.39mil, down from RM410.37mil in 2QFY22.
This brought six months cumulative net profit to RM63.51mil and revenue to RM760.25mil, which compares to net profit of RM65.29mil and revenue of RM819.39mil.
"Our consistent performance throughout the quarters is testament that we are on steady footing. We hope to keep up our momentum in the second half of 2023," said Lim.